Property Development

Construction Starts on $500m Waterloo Development

Written by The ReReport
As seen in the Source link, written by on 2019-01-31 16:15:23

Construction has commenced on Sydney-based Crown Group’s “resort style” $500 million development in Waterloo.

The project, developed in partnership with Japan’s Mitsubishi Estate Group, will feature 374 luxury apartments across five buildings when complete in 2021.

One of the five buildings includes the highly-publicised Kengo Kuma-designed 19-story “stacked forest” tower.

Mastery project director Prisca Edwards says the development will also deliver Sydney’s first Japanese eat street.

“[The development] will provide Sydneysiders an option to live in the finest holiday resort destination, in the most sought-after architectural precinct, at an affordable price.”

Property affordability has been improving in the harbour city, after the bullish five-year run up to 2017 which saw Sydney housing surge 72 per cent.

Recent housing data by Domain reveals Sydney’s housing prices fell 9.9 per cent over the year to $$1,062,619, while unit prices dropped 5.8 per cent over the year to $702,012.

Related: Crown Group Remain Confident In Weakening Sydney Market